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Level 3

Credit Cards

Hello,

 

I just realized after doing my taxes, in the credit score report it says in my history-  I had 10 credit cards total (4 closed) 6 open. They all have zero balances but I think it may be affecting my credit score.

 

I read that you are not supposed to close them, but does that mean i have to keep them open forever? I opened them when I was in college and no longer use 4 out of 6.

 

Please advise 

1 Reply
JBJ
Level 8

Credit Cards

Great question. 

 

One key factor to the credit score is age of credit, so it's important to keep your cards open (bureaus equate, I think, age with stability). 

 

And, ideally, I think, you'd keep small balances on a bunch (that you pay off each month, or keep low enough not to incur silly interest) as a way of demonstrating your responsibility. 

 

Which is to say, keep 'em open, use them to buy movie tickets or whatever, and I suspect both (keeping them open and moderately active in a responsible way) will aid in score improvement. 

 

Thoughts?